There are both advantages and disadvantages to running a business from home. On the one hand, you won’t have a commercial address and might want to consider renting a virtual address or coworking space. On the other hand, these are fairly cost-effective solutions in comparison to the money you’ll save on overheads. Running a business from home is commonplace nowadays and you can still make the right impression on clients. There are also several ways in which it can save you money.
Save on the commute
If you’re working from home you’ll save both time and money on the commute. Depending on your journey, the commute to work can often be expensive. It can also be costly if you get into trouble with parking or other situations. You may then need to hire the services of companies such as GetDismissed. It’s also nicer to have the extra time to be productive during the day. On the off chance you do travel for a meeting, you can splash out more on a fancier coworking space.
Save on overheads
You will save money on overheads such as leasing commercial property, and all the utilities and amenities that come with it. You can use the money you save to help provide your remote team with ergonomic equipment. Create a healthy environment for your employees to work from home in as well, and they will be more productive. If you would like to reduce costs even further here are a few tips on how to save money on your equipment.
Save on food costs
It’s surprising how much the cost of eating out adds up even if you’re only having sandwiches for lunch at work every day. You’ll save much more money preparing your own lunches at home and you’ll probably eat better as well. You’ll have more time to cook a wider variety of options. You can then save your money for going out for nicer dinners at the weekend.
Save on childcare
Working from home is not the ideal solution for all families, but it can save you on childcare. If you can dedicate time to taking care of your children around more flexible working hours you won’t need full-time support. Even if you have a dog the average dog walker rates are pretty high. Working from home you’ll have the time and flexibility to walk your dog during the day.
Save on suits
One of the benefits of using coworking spaces for occasional meetings rather than working out of an office is you can relax your attire a bit. You won’t necessarily need to dress smartly every day, and clients won’t notice if you wear the same suit to different meetings. You will save money on work clothes, getting your haircut, and other personal grooming services. Working from home allows you to focus on growing your company instead, and providing the best service to your customers. You can save your budget for when it’s time to expand and scale your business.